Please show work

3.)

JRN Enterprises just announced that it plans to cut its dividend from $3.00 to $1.50 per share and use the extra funds to expand its operations. Prior to this announcement, JRN's dividends were expected to grow indefinitely at 4% per year and JRN's stock was trading at $25.50 per share. With the new expansion, JRN's dividends are expected to grow at 8% per year indefinitely. Assuming that JRN's risk is unchanged by the expansion, what is the value of a share of JRN?

2.)

	Initial Investment	Cash flow
Project A	$35 million	$14 million per year for four years
Project B	$21 million	$7 million per year for five years
Project C	$14 million	$7 million per year for four years
Project D	$21 million	$10.5 million per year for three years
An investor has a budget of $35 million. He can invest in the projects shown above. If the cost of capital is 8%, what investment or investments should he make?

3.)

If PrimeScore is choosing one of the following mutually exclusive projects, given a discount rate of 11%, which should the company choose?
	Project A	Project B
Time 0	-7,000	-8,000
Time 1	5,000	4,000
Time 2	4,000	3,000
Time 3	4,000	5,000